Turn the Instant Pot to "Sauté" mode and add olive oil. Once hot, add chopped onions and minced garlic. Cook for 2-3 minutes until softened and fragrant.
Add ground turkey to the pot and break it apart with a spatula. Cook for 5-7 minutes until browned and cooked through. Season with a pinch of salt and pepper.
Stir in diced tomatoes, tomato sauce, kidney beans, black beans, corn, chili powder, ground cumin, paprika, and any additional seasonings. Mix everything well to combine.
Pour in chicken broth and stir to ensure the ingredients are evenly mixed.
Close the Instant Pot lid and set the valve to "Sealing." Select "Pressure Cook" (or "Manual") and set the timer for 10 minutes on high pressure.
Once the cooking time is complete, carefully perform a quick release by turning the valve to "Venting." Allow the steam to release before opening the lid.
Stir the chili well and adjust seasoning to taste with salt, pepper, or additional chili powder if desired. Serve hot with your favorite toppings, such as shredded cheese, sour cream, or chopped green onions.